The Group's only asset is a 67.7% stake in emedia Investments Proprietary Limited ("emedia Investments").

emedia HOLDINGS LIMITED The company's shares are listed under the Media Sector of the JSE. Registration number: 1968/011249/06 (Incorporated in the Republic of South Africa) JSE Share Codes Ordinary Shares: EMH IZIN: ZAE000208898 N ordinary Shares: EMN IZIN: ZAE000209524 Unaudited Consolidated Condensed Interim Results for the six months ended 30 September 2017 COMMENTARY The period under review resulted in the Group ending the period showing a profit from continuing operations of R1.9 million compared to a profit of R103.5 million, in the prior period. The decrease is attributable to the re-negotiated DStv contract which showed a significant decline in the licence fee revenue the Group receives from Multichoice for the supply of enca and five other channels. Cost of sales for the Group however increased by 9% this resulted in the Gross Profit for the Group ending the period on R598.1 million compared to R707.1 million in the prior year, a decrease of 15%. Also included in the profit are the losses attributable to the continued investment into the multi-channel business, (OpenView and e.tv multichannel) of R117.3 million compared to R136.9 million in the prior year. EBITDA for the Group ended the period on R116.9 million compared to R277.3 million for the prior period, a decrease of 57.8% year-on-year. Programming rights for the Group increased by 34.4% from R929.9 million compared to R691.9 million in the prior year. This is due to a new three-year deal signed with Sony Pictures and includes the purchase of Days of Our Lives and other premium content. This has also seen an increase in Trade Payables of 16.8%. Borrowings for the Group, which mainly consists of mortgage bond financing, has decreased to R675.9 million and this has seen a decrease in finance costs of 21.2%. The Group's only asset is a 67.7% stake in emedia Investments Proprietary Limited ("emedia Investments"). EMEDIA INVESTMENTS e.tv terrestrial The six-month period ended 30 September 2017 has seen the market share of e.tv remain relatively constant, but has seen a decline in the key revenue drivers of LSM 5 to 7. e.tv's advertising revenue increased from R664.9 million to R688.9 million, an increase of 4% year-on-year. Programming and other cost of sales increased by 7% from R336.5 million to R359.3 million. Management is reviewing the schedule in order to change slots that are currently unprofitable. Operating expenses increased from R242.5 million to R250.9 million, an increase of 3% year-on-year. e.tv approached ICASA for an amendment to its licence conditions in which it requested that the 30 minute news bulletin be allowed to be scheduled outside of Prime Time. The application was rejected by ICASA and management is reviewing its Prime Time News strategy. As previously reported, litigation was instituted against The Minister of Communications and Others regarding the Broadcasting Digital Migration policy which will have an impact on DTT. Although e.tv lost the application, leave to appeal was granted and e.tv won the appeal at the Supreme Court of Appeal. The losing respondents referred the matter to the Constitutional Court for a final determination. It was heard in February and e.tv lost. e.tv Multichannel and Platco Included in the results are losses of R117,3 million from the continued investment into the multi-channel businesses. Advertising revenue has increased from R6.5 million in the previous year to R22.2 million. The OpenView platform has increased its viewership capacity with 1 008 114 boxes activated at the end of the period. The millionth box was activated during the month of September and monthly activations continue to be in the region of 35 000 boxes. Platco Digital also entered into a settlement agreement with the SES Satellite signal provider to terminate the 15 year contract on 31 December 2017. The settlement of R100 million included arrear and service payments to 31 December 2017 of R78 million and a termination amount of R22 million. All payments were made in October. The annualised saving in satellite signal fees will amount to R40 million. esat.tv (enca) enca continues to perform well and is the most-watched 24-hour news channel on DStv with approximately 50% market share. The DStv agreement for the supply of enca and five other channels for five years was signed in May with an effective date of 1 February 2017. Licence fee revenue has reduced from R266.6 million to R140.8 million and structural changes were made to reduce costs. Advertising revenue in enca still shows good growth, ending the period on R52.0 million, a 16% increase from R44.9 million in the previous year. Management continues to review the non-core and peripheral businesses and will exit these businesses when opportunities present themselves. During the current period, the sale of ebotswana and the intangible assets in Lalela (Pty) Ltd and Lalela LLC

were completed. STATEMENT OF FINANCIAL POSITION Unaudited Unaudited Audited 30 September 30 September 31 March 2017 2016 2017 ASSETS Non-current assets 7 589 977 7 703 468 7 622 858 Property, plant and equipment 903 699 993 942 941 584 Plant and equipment 294 839 343 286 323 028 Owner occupied property 608 860 650 656 618 556 Intangible assets 2 590 434 2 628 304 2 596 701 Goodwill 3 778 264 3 776 769 3 778 264 Equity-accounted investees 209 498 231 637 203 038 Long-term receivables 17 108 17 214 16 456 Deferred tax assets 90 974 55 602 86 814 Current assets 1 605 602 1 492 379 1 529 469 Inventories 18 119 18 477 20 946 Programming rights 929 956 691 906 866 244 Trade and other receivables 462 421 577 187 439 962 Current tax assets 15 154 17 689 16 113 Cash and cash equivalents 179 952 187 120 186 204 Assets of disposal groups 22 985 11 763 53 618 Total assets 9 218 564 9 207 610 9 205 945 EQUITY AND LIABILITIES Total equity 7 186 738 7 170 029 7 181 685 Stated capital 6 762 797 6 762 797 6 762 797 Treasury shares (7 913) (3 230) (7 221) Reserves (605 365) (611 538) (600 432) Equity attributable to owners of the Company 6 149 519 6 148 029 6 155 144 Non-controlling interest 1 037 219 1 022 000 1 026 541 Non-current liabilities 782 917 992 164 877 871 Deferred tax liabilities 537 075 535 152 540 747 Borrowings 241 338 457 012 332 627 Operating lease accruals 4 504-4 497 Current liabilities 1 248 909 1 044 701 1 144 768 Current tax liabilities 7 752 12 000 6 664 Current portion of borrowings 434 533 342 613 342 537 Trade and other payables 805 235 689 173 793 757 Bank overdrafts 1 389 915 1 810 Liabilities of disposal groups - 716 1 621 Total liabilities 2 031 826 2 037 581 2 024 260 Total equity and liabilities 9 218 564 9 207 610 9 205 945 Net asset value 6 149 518 6 148 030 6 155 144 Net asset value per share after treasury shares (cents) 1 383 1 381 1 384 STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 6 Months 6 Months* Audited 30 September 30 September 31 March 2017 2016 2017 R000's R000's % change R000's Continuing operations Revenue 1 203 634 1 262 542-4,7% 2 582 733 Cost of sales (605 515) (555 411) -9,0% (1 176 867) Gross profit 598 119 707 131-15,4% 1 405 866 Other income 6 108 27 459-77,8% 54 945 Administrative and other expenses (487 231) (457 320) -6,5% (972 546) Earnings before interest, taxation, depreciation and amortisation 116 996 277 270-57,8% 488 264 Depreciation, amortisation and impairments (77 645) (95 837) 19,0% (216 817) Operating profit 39 351 181 433-78,3% 271 448 Finance income 4 885 5 270-7,3% 10 916 Finance expenses (22 306) (28 298) 21,2% (64 548) Share of (loss)/profit of equity-accounted investees, net of taxation (279) 1 799-115,5% (2 241) Profit before taxation 21 651 160 204-86,5% 215 575 Taxation (19 666) (56 753) (87 522) Profit for the period from continuing operations 1 985 103 451-98,1% 128 053 Discontinued operations (Loss)/profit for the period from discontinued operations, net of taxation (2 714) 28 025 32 561

(Loss)/profit for the period (729) 131 476-100,6% 160 614 Other comprehensive income, net of related taxation Items that are or may be reclassified to profit or loss Foreign operations - foreign currency translation differences 5 549 5 231 (2 198) Reclassification of foreign currency differences on disposal (724) (65 049) (65 049) Other comprehensive income/(loss), net of taxation 4 825 (59 818) (67 247) Total comprehensive income for the period 4 096 71 658 93 367 (Loss)/profit attributable to: Owners of the Company (2 494) 88 626 104 760 Non-controlling interest 1 765 42 850 55 854 (729) 131 476 160 614 Total comprehensive income attributable to: Owners of the Company 772 48 136 59 242 Non-controlling interest 3 324 23 521 34 125 4 096 71 658 93 367 *6 Months ended 30 September 2016 restated for discontinued operations STATEMENT OF CHANGES IN EQUITY Foreign Currency Stated Treasury Translation Retained Capital Shares Reserves Income R000's Balance 31 March 2016 6 762 797-38 030 (697 704) Profit - - - 104 760 Foreign currency translation reserve - - (45 518) - Share buy-back - (7 221) - - Disposal of share interest - - - - Dividends paid - - - - Balance 31 March 2017 6 762 797 (7 221) (7 488) (592 944) Loss - - - (2 494) Foreign currency translation reserve - - 3 266 - Share buy-back - (692) - - Change in ownershop - - - (5705) Disposal of share interest - - - - Balance 30 September 2017 6 762 797 (7 913) (4 222) (601 143) Equity Non-controlling Total Owners Interest Equity Balance 31 March 2016 6 103 123 988 220 7 091 343 Profit 104 760 55 854 160 614 Foreign currency translation reserve (45 518) (21 729) (67 247) Share buy-back (7 221) - (7 221) Disposal of share interest - 9 449 9 449 Dividends paid - (5 252) (5 252) Balance 31 March 2017 6 155 144 1 026 542 7 181 686 (Loss)/profit (2 494) 1 765 (730) Foreign currency translation reserve 3 266 1 559 4 826 Share buy-back (692) - (692) Change in ownership (5 705) 5 705 - Disposal of share interest - 1 648 1 648 Balance 30 September 2017 6 149 519 1 037 219 7 186 738 STATEMENT OF CASH FLOWS Unaudited Unaudited* Audited 30 September 30 September 31 March 2017 2016 2017 Cash from operating activities Cash flows from operating activities 56 393 161 204 444 427 Net finance costs (18 815) (23 028) (49 004) Taxes paid (27 344) (63 894) (126 327) Net cash inflow from operating activities 10 234 74 282 269 096 Cash used in investing activities Acquisition of property, plant and equipment (26 650) (37 181) (78 103) Acquisition of plant and equipment (26 650) (37 181) (69 922) Acquisition of owner-occupied properties - - (8 181) Proceeds from sale of property, plant and equipment 3 323 35 237 7 393 Book value of assets disposed 1 864 35 237 4 472

Surplus on disposal 1 459-2 921 Movement in financial assets 2 584 1 426 2 271 Acquisition of subsidiary, net of cash acquired - (3 749) (3 749) Net cash flows of discontinued operations 13 900 1 378 36 928 Additions to intangible assets (18 503) (9 322) (10 073) Loans advanced to equity accounting investees (5 055) (5 910) (6 900) Dividends received from equity accounting investees - 1 375 1 375 Net cash used in investing activities (30 401) (16 746) (50 858) Cash from (used in) financing activities Repayment of borrowings (82 264) (95 171) (170 875) Borrowings raised 85 726 68 799 2 877 Share buy-back (692) - (7 221) Change in non-controlling interest 2 570 (63) - Dividends paid to non-controlling interest - - (5 252) Net cash from (used in) financing activities 5 340 (26 435) (180 471) Net change in cash and cash equivalents (14 827) 31 101 37 767 Cash and cash equivalents at beginning of the year 192 510 159 528 159 528 Effect of movements in exchange rates on cash held 880 (269) (4 785) Cash and cash equivalents at end of the year 178 563 190 360 192 510 Cash and cash equivalents comprise the following Cash and cash equivalents 179 952 191 275 194 320 Bank balances 179 952 187 120 186 204 Cash in disposal group assets held for sale - 4 155 8 116 Bank overdrafts (1 389) (915) (1 810) 178 563 190 360 192 510 EARNINGS, DILUTED AND HEADLINE EARNINGS PER SHARE Unaudited Unaudited Gross Net R000's R000's For the period ended 30 September 2017 Loss attributable to equity owners of the parent (2 494) IAS 16 gains on disposal of plant and equipment (988) (710) IAS 16 impairment of plant and equipment 7 5 IAS 21 foreign currency translation reserve reclassified to profit or loss 489 489 IFRS 10 gain on the loss of control of a subsidiary (634) 271 Headline loss (2 439) For the period ended 30 September 2016* Earnings attributable to equity owners of the parent 88 626 IAS 16 gains on disposal of plant and equipment (1 201) (865) IAS 21 foreign currency translation reserve reclassified to profit or loss (44 030) (44 030) IFRS 10 loss on the loss of control of a subsidiary 20 727 20 727 Headline earnings 64 458 Unaudited Unaudited* 30 September 30 September 2017 2016 Basic earnings (R'000) (Loss)/earnings (2 494) 88 626 Continuing operations 1 336 69 520 Discontinued operations (3 830) 19 106 Headline (loss)/earnings (2 439) 64 458 Continuing operations 625 68 655 Discontinued operations (3 065) (4 197) Basic earnings per share (cents) (Loss)/earnings (0,56) 19,91 Continuing operations 0,30 15,61 Discontinued operations (0,86) 4,30 Headline (loss)/earnings (0,55) 14,48 Continuing operations 0,14 15,42 Discontinued operations (0,69) (0,94) Weighted average number of shares in issue - 30 September ('000) 444 597 445 233 Issued shares as at 30 September ('000) 445 738 445 738 Effect of own shares held ('000) (1 140) (504) Net number of shares in issue - 30 September ('000) 444 489 444 597 Number of shares in issue - 30 September ('000) 445 738 445 738 Number of treasury shares in issue - 30 September ('000) (1 248) (1 140)

*6 Months ended 30 September 2016 restated for discontinued operations. BASIS OF PREPARATION The unaudited consolidated condensed results for the six months to 30 September 2017 have been prepared in accordance with International Financial Reporting Standards (IFRS), the disclosure requirements of IAS 34: Interim Financial Reporting, the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee, the requirements of the South African Companies Act, 2008 and the Listings Requirements of the JSE Limited. These results do not include all the information required for a complete set of IFRS financial statements. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group's financial position and performance since the last annual consolidated financial statements as at and for the year ended 31 March 2017. These results have been prepared under the supervision of the Financial Director, A S Lee (CA) SA, and have not been audited or reviewed by the Group's auditors, Grant Thornton Johannesburg Partnership. SIGNIFICANT ACCOUNTING POLICIES The unaudited consolidated condensed results have been prepared under the historical cost convention, except for the revaluation of financial instruments. The accounting policies adopted are consistent with those followed in the preparation of the Group's annual financial statements for the year ended 31 March 2017. STATED CAPITAL As at 30 September 2017, the Company repurchased 1 248 259 N ordinary shares which are being treated as treasury shares. DISPOSAL GROUP ASSETS/LIABILITIES HELD FOR SALE The sale of operations reported as disposal group assets/liabilities held for sale at 31 March 2017 that include Lalela Music SA (Pty) Ltd (a 75% subsidiary), Lalela Music LLC (an 85% subsidiary of Longkloof Limited Group), e.botswana Proprietary Limited (a 49% subsidiary) and e.tv Botswana Proprietary Limited (an 80% subsidiary) have been finalised effective 30 June 2017 for the Lalela entities and 30 September 2017 for the Botswana entities. The commercial building at 73 Richfond Circle, Ridgeside, Umhlanga, KwaZulu-Natal owned by Sabido Properties Proprietary Limited remains classified as an asset held for sale. Discontinued operations as disclosed in the statement of comprehensive income consist of the following: Unaudited Unaudited 30 September 30 September 2017 2016 R000's R000's Revenue Longkloof Limited Group - 3 303 e.botswana Proprietary Limited and e.tv Botswana Proprietary Limited 1 557 1 596 TVPC Media Proprietary Limited - 749 Shibula Lodge and Spa Proprietary Limited - 363 Lalela Music Proprietary Limited and Lalela Music LLC - 3 736 Total revenue 1 557 9 747 (Loss)/profit from discontinued operations Longkloof Limited Group (865) 29 383 e.botswana Proprietary Limited and e.tv Botswana Proprietary Limited (8 060) (544) TVPC Media Proprietary Limited - 340 Shibula Lodge and Spa Proprietary Limited (952) Lalela Music Proprietary Limited and Lalela Music LLC 6 211 (202) Total (loss)/profit (2 714) 28 025 Disposal groups held for sale as disclosed in the statement of financial position comprise the following: Property, Plant Other Total Equipment Assets Assets Assets 30 September 2017 Sabido Properties Proprietary Limited 22 985-22 985 Total assets 22 985-22 985 30 September 2016 Longkloof Limited Group - 6 465 6 465 e.botswana Proprietary Limited 784 2 629 3 413 e.tv Botswana Proprietary Limited 1 865 20 1 885 Total assets 2 649 9 114 11 763

Unaudited Unaudited 30 September 30 September 2017 2016 R000's R000's Liabilities Longkloof Limited Group subsidiaries and associates - (702) e.botswana and e.tv Botswana - (14) Total liabilities - (716) CHANGE IN COMPARATIVES The results of discontinued operations have been separately disclosed on the face of the statement of comprehensive income. CHANGES IN DIRECTORATE AND COMPANY SECRETARIAL Chief executive officer, A van der Veen, was appointed to the board on 14 November 2017. DIVIDEND TO SHAREHOLDERS The directors have resolved not to declare an interim dividend for the period ended 30 September 2017. On behalf of the board A van der Veen Chief Executive Officer A S Lee Financial Director Cape Town 22 November 2017 CORPORATE INFORMATION emedia HOLDINGS LIMITED The company's shares are under the Media Sector of the JSE. COMPANY REGISTRATION NUMBER 1968/011249/06 (Incorporated in the Republic of South Africa) JSE SHARE CODES Ordinary Shares: EMH IZIN: ZAE000208898 N ordinary Shares: EMH IZIN ZAE000209524 REGISTERED OFFICE 5 Summit Road Dunkeld West Hyde Park Johannesburg, 2196 Private Bag X9944 Sandton, 2146 DIRECTORS J A Copelyn* (Chairperson) A van der Veen (Chief executive officer) A S Lee (Financial director) T G Govender* V E Mphande*^ L Govender*^ R D Watson*^ (* Non-executive ^ Independent) COMPANY SECRETARY Junadi van der Merwe AUDITORS Grant Thornton Johannesburg Partnership Practice Number 903485 @Grant Thornton Wanderers Office Park 52 Corlett Drive Illovo, 2196 Private Bag X10046 Sandton, 2146 BANKERS Standard Bank of South Africa SPONSOR Investec Bank Limited 100 Grayston Drive, Sandown, Sandton, 2196

TRANSFER SECRETARIES Computershare Investor Services Proprietary Limited Rosebank Towers, 15 Biermann Avenue, Rosebank, 2196 PO Box 61051 Marshalltown, 2107 WEBSITE www.emediaholdings.co.za